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Tax Increment District Status
by cojb
Both of the Jacksonville Beach Community Redevelopment Districts are designated as Tax Increment Districts. The Agency manages the tax increment trust funds that were set up pursuant to Chapter 163, Part III, Section 163.387, Florida Statutes.
The Downtown Redevelopment Tax Increment District was created following the adoption of a redevelopment plan first adopted on January 19, 1987, which was last amended on August 22, 2022. The South Beach TIF District was approved under a redevelopment plan adopted on June 15, 1987, and last amended on July 25, 2022. Under Chapter 163.387(2)(a), Florida Statutes, a redevelopment tax increment trust fund remains in place for a period not to exceed 60 years. The ending date of the TIF District is determined to be 30 years from the date that a community redevelopment plan was modified or amended, provided that the expiration date is not more than 60 years from the date of adoption of the original community redevelopment plan.
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For the Downtown Community Redevelopment Area, the District’s restricted fund balance at the close of the fiscal year was $37,204,745, which represents unspent tax increment revenues appropriated to specific ongoing or future redevelopment projects. Fund balance increased in the current year by $1,654,227. Substantially all of this increase is attributable to tax increment revenues in excess of expenditures due to the timing of the Community Redevelopment Agency (CRA) Projects. $2,331,027 in Southend Redevelopment District tax increment revenues was returned to the taxing authorities as part of the year-end fund balance appropriation.
Financial Information
The tax increment trust monies for both the Downtown and South Beach Community Redevelopment Districts are primarily committed for capital projects for the betterment of the Districts. The information on the following two pages was taken from the current Jacksonville Beach Comprehensive Annual Financial Report (CAFR).
Please reference the 2022 Financial Statements and Independent Auditor’s Report for further information.
